Southern Stock Price, News & Analysis

Southern Company (NYSE: SO) announced the pricing of $1.5 billion in Series 2023A 3.875% Convertible Senior Notes due December 15, 2025, aimed at qualified institutional buyers under Rule 144A. The offering includes an option for initial purchasers to buy an additional $225 million in notes. Interest is set at 3.875% paid semiannually, with an initial conversion rate of 11.8818 shares per $1,000 principal, equating to a price of $84.16 per share, representing a 30% premium over the last price on February 23, 2023. Net proceeds will be used to repay commercial paper borrowings and for corporate purposes. The offering is expected to close on February 28, 2023.

Southern Company (NYSE: SO) has announced a private placement offering of $1.5 billion in convertible senior notes, maturing on December 15, 2025. The offering allows for an additional $225 million in notes. Final terms, including interest rate, will be set at the time of pricing. The proceeds will be used primarily to repay commercial paper borrowings and for general corporate purposes. These convertible notes will be senior and unsecured, with conversion options available under specific conditions. This move is part of Southern Company's strategy to strengthen its financial position and operational capabilities.

Chesapeake Utilities reported a full year 2022 EPS of $5.04, up 6.6% from $4.73 in 2021, driven by net income growth of 7.6% to $89.8 million. The fourth quarter EPS was $1.47, a 14.8% increase year over year. Average ROE was 11.1% for 2022, marking the 18th consecutive year above 11%. Chesapeake received Florida natural gas rate case approval with an expected order in March 2023. The company updated its capital expenditure guidance for 2023 to $200 million to $230 million and long-term guidance to $900 million to $1.1 billion for capital expenditures through 2025.

Southern Company leads the U.S. utility sector in innovative energy research and funding, focusing on clean, reliable, and affordable energy solutions. The company has built a robust portfolio including carbon-free nuclear, advanced carbon capture, and renewable technologies. A notable achievement is the successful hydrogen and natural gas fuel blending project at Georgia Power's Plant McDonough-Atkinson, which achieved a 7% reduction in carbon emissions. Southern Company's R&D strategy prioritizes sustainability, energy delivery solutions, customer needs, and improvements to the existing generation fleet, supporting the transition to a net-zero future.

Southern Company reported a fourth-quarter loss of $87 million, or 8 cents per share, in 2022, an improvement from a loss of $215 million, or 20 cents per share, in Q4 2021. For the full year, earnings reached $3.5 billion ($3.28 per share), up from $2.4 billion ($2.26 per share) in 2021. Adjusted earnings for Q4 were $285 million (26 cents per share), down from $380 million (36 cents per share) a year earlier. Operating revenues surged to $7.0 billion in Q4, a 22.2% increase, and $29.3 billion for the full year, up 26.7%. Key drivers included higher rates and customer growth, offset by rising operational costs.

The Southern Company announced the election of David E. Meador and Lizanne Thomas as independent directors, effective April 1, 2023. Meador, former vice chairman of DTE Energy, brings extensive experience in finance, governance, and corporate culture. Thomas, previously a partner at Jones Day, is recognized for her expertise in corporate governance and mergers. The addition of these directors aims to enhance the board's strategic oversight and governance capabilities in the evolving energy sector. The company continues its commitment to sustainability and innovation, serving 9 million customers across the Southeast.

Southern Company (NYSE: SO) has made significant progress in its diversity, equity, and inclusion (DE&I) efforts, according to its second Moving to Equity report released on February 9, 2023. The report outlines increased representation of people of color and women, enhanced hiring and retention strategies, and substantial investments in community initiatives. In 2022, Southern Company spent $2.1 billion with diverse suppliers, achieving 28% of its goal to increase this to 30% by 2025. Additionally, $225 million is committed to advancing racial equity through 2025, with over $142 million already invested since 2021.

Alabama Power Company has appointed Moses Feagin as its new executive vice president, chief financial officer, and treasurer, effective March 1, 2023. Feagin, who previously served at Mississippi Power, brings over 30 years of experience, beginning his career at Alabama Power in 1987. He succeeds Phil Raymond, who retired in December 2022 after a 13-year tenure. CEO Jeff Peoples praised Feagin's financial and regulatory expertise. Feagin holds a bachelor's degree in accounting from the University of Alabama and is a certified management accountant.

Southern Company (NYSE: SO) announced key executive transitions aimed at strengthening its leadership team as part of a management transition plan. Effective March 1, 2023, David Poroch will take on the roles of comptroller and chief accounting officer, succeeding Ann Daiss, who will retire on May 1. Grace Kolvereid will become the CFO of Southern Company Gas, while Moses Feagin will lead Alabama Power as executive vice president and CFO, also starting March 1. Sterling Spainhour will assume the role of chief legal officer and compliance officer on April 1. The company emphasizes the importance of internal talent development to adapt to changing energy demands.